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| Section | Objectives |
|---|---|
| Financial Accounting Fundamentals | - Accounting Principles
|
| Managerial Accounting for Decision Making | - Cost Behavior
|
| Business Decision Support | - Relevant Costing
|
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NEW QUESTION # 66
What purpose do the notes within financial statements serve to the Financial Accounting Standards Board?
Answer: C
Explanation:
The correct answer is A. Providing supplementary information as needed . Notes to financial statements are designed to give users additional information that supports, explains, and expands on the amounts shown in the main financial statements. They may include descriptions of accounting policies, contingencies, commitments, segment information, assumptions, and other disclosures necessary for fair presentation. FASB- related disclosure materials and accounting references describe notes as providing supporting or supplementary information for items presented in the statements.
Option C is partly true in a narrower sense because the notes often include a summary of significant accounting policies , but that is only one component of their broader purpose. Option B is incorrect because totals are summarized in the statements themselves, not mainly in the notes. Option D is also incorrect because the notes are not limited to financial statistics; they provide qualitative and quantitative disclosures that help users interpret the statements properly. Therefore, the best overall answer is that notes serve the purpose of providing supplementary information as needed to make the financial statements more complete, understandable, and decision-useful.
NEW QUESTION # 67
The following cost-volume-profit graph shows revenues and costs at various levels of production.
How many units should this company sell each month to realize a profit?
Answer: C
Explanation:
The best answer is D. 275 . In a cost-volume-profit (CVP) graph , a company begins to realize a profit only after total revenue rises above total cost. The point where the total revenue line intersects the total cost line is the break-even point . At that exact level, profit is zero. To earn a profit, the company must sell more units than the break-even amount .
Because your pasted graph is partially distorted, the most reasonable interpretation is that the break-even point is shown at about 250 units . If that is the break-even level, then the first answer choice that would produce an actual profit is 275 units . That is why Option D is the most defensible answer from the graph and choices provided.
This follows basic CVP logic:
* Below break-even = loss
* At break-even = zero profit
* Above break-even = profit
So if 250 units represents the break-even point on the graph, the company would need to sell 275 units to realize a profit. Therefore, the best answer is D .
NEW QUESTION # 68
During the year, a company purchased goods on a credit basis for its supplies of $750.
What would be the impact on the accounting equation and financial statement?
Answer: C
Explanation:
The correct answer is C. Increase in assets by $750 and increase in liability by $750 . When a company purchases supplies on credit, it receives an asset now and promises to pay later. The supplies increase the company's assets , and the amount owed to the seller increases liabilities , usually as accounts payable. This keeps the accounting equation balanced:
Assets = Liabilities + Equity
Here, assets rise by $750 and liabilities also rise by $750 , while equity is unchanged at the time of purchase.
OpenStax explains that buying items on account increases the related asset and increases accounts payable.
Option A is incorrect because liabilities do not decrease. Option B is incorrect because assets do not decrease when the company receives supplies. Option D is incorrect because neither side decreases at the moment of purchase. The expense is not recognized immediately unless the supplies are consumed; initially, the company records the asset and the obligation. This is a common transaction used to show how dual effects maintain balance in the accounting equation. Therefore, the correct impact is an increase in assets and an equal increase in liabilities , which is Option C .
NEW QUESTION # 69
Which overhead cost is associated with batch-level activities?
Answer: A
Explanation:
The correct answer is B. Machine setups . In activity-based costing , batch-level activities are performed each time a batch of goods is processed, regardless of how many units are in that batch. A classic example is the machine setup required before production of a batch can begin. ABC materials commonly identify setup costs as batch-level because the activity occurs per batch rather than per individual unit.
Option A, property taxes , and Option C, factory insurance , are usually considered facility-level or organization-sustaining overhead because they support the factory as a whole rather than a specific batch.
Option D, product engineering wages , is more closely related to product-level activities , since engineering work often supports a particular product line rather than each batch run. Batch-level costs increase with the number of production batches, not necessarily with the number of units produced. Since machine setups are incurred each time a batch is started, they are the standard example of a batch-level overhead cost. Therefore, Option B is the correct answer.
NEW QUESTION # 70
Which costs are found in a manufacturing company rather than a service-oriented company?
Answer: D
Explanation:
The correct answer is C. Raw materials costs . Manufacturing companies produce physical goods, so they incur raw materials costs as part of converting materials into finished products. Raw materials are one of the classic components of manufacturing cost, along with direct labor and manufacturing overhead. Sources explaining manufacturing cost structures consistently identify direct materials or raw materials as a core element of product cost.
Option A, indirect labor costs , may also exist in manufacturing, but labor-related costs can exist in service organizations too. Option B, direct labor costs , are not unique to manufacturing because service companies often have labor that can be directly traced to providing services. Option D, selling costs , are common in both manufacturing and service businesses. What most clearly distinguishes manufacturing from service- oriented companies is the presence of inventory-based production inputs such as raw materials. These materials are physically incorporated into finished goods and become part of cost of goods sold when the goods are sold. Therefore, among the options listed, Raw materials costs are the best answer.
NEW QUESTION # 71
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